Done Deal

Caught in market downturn, sellers drop condo’s price twice

Caught in market downturn, sellers drop condo’s price twice


As seen in The Globe & Mail’s “Done Deal”

799 College St., No. 205, Toronto

Asking Price: $599,990 (Late August, 2022)

Previous Asking Price: $619,900 (Early August, 2022); $649,990 (July, 2022)

Selling Price; $595,000 (September, 2022)

Previous Selling Price: $273,759 (October, 2014)

Taxes: $2,180 (2022)

Days on the Market: 42

Listing Agent: Robin Pope, Pope Real Estate Ltd.

* * * * * * * * * * * * * *

The Action:

This July, agent Robin Pope expected this one-bedroom unit might be difficult to sell, especially with other vacancies in the same six-storey building. The reality was even worse – the unit was almost completely ignored.

“After being on the market for two weeks, there hadn’t been a showing, which was unusual,” Mr. Pope said. “But the market was changing. Buyers were not motivated to pull the trigger.”

The price was lowered from $649,990 to $619,900 and then to $599,990 over about three weeks in August. Then, an offer came through on the first day of September for the full, reduced price.

“It didn’t matter whether you’re priced at yesterday’s price or today’s price, so many buyers are still making offers much lower than asking,” Mr. Pope said.

“We dropped the price to $599,990 to get people excited, but sometimes, it’s a double-edged sword because you might also be giving the buyer the wrong impression. But that’s when you have to be firm on your price.”

What They Got:

Cube Lofts was built about 10 years ago with roughly 20 units. This 546-square-foot model has a nine-foot ceiling and window walls along the principal room.

There is hardwood flooring, sliding doors to the bedroom and quartz kitchen countertops.

The unit comes with stacked laundry machines, a storage locker and outdoor parking. Monthly fees of $609 cover water and heating.

The Agent’s Take:

“It was a nice, quiet building with loft-like features and high ceilings,” Mr. Pope said.

“It was a cute little apartment, shallow and wide, so it had a lot of windows.”


Originally published in the Globe & Mail on